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15911 Spring Forest Drive Houston, TX 77059

3 Beds 3 Baths 2,374 sqft Built 1983

$279,500

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $117.73
  • 3 Days on Market
  • MLS # : 94771396
  • Updated Date : 11/07/2020 at 08:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,374 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Space Center-clear Lake

Listing Agent's Description

NEVER FLOODED!! Step into this charming, well-preserved Kustom Kastle 3-bedroom, 2.5-bath, 3-car garage home with huge pool-sized backyard. New luxury vinyl wood planks in family room, utility room & hall (Oct. 2020). High ceilings in entry, dining room, living room and primary bedroom. Open staircase overlooks living room, dining room and entry. Granite counters, diagonal tile backsplash, double ovens and stainless steel gas cooktop in kitchen. Crown molding throughout most of the house. Primary bathroom has double sinks, a separate shower and Whirlpool tub, plus two closets in bathroom & one in the primary bedroom. Hall bath has double sinks & tub/shower. Upstairs game room can be an office. Built-in surround sound in primary & family room. Utility room downstairs in house. Cozy 6 x 6 workshop area in garage. 3 attics. New roof 2020. Programmable thermostat. Seller is the original owner.

SEE MORE

MARKET HIGHLIGHTS

  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Houston metro's economy is worth $544.6 billion in Gross Metro Product and projected to grow to $580 billion in 2019 (USMayors.org, 2018)
  • Houston metro has 63.4% labor force participation rate higher than the national rate 62.8%. The participation rate is expected to grow to 63.6% in 2020 (USMayors.org, 2018)
  • Houston metro employment growth is at 1.8% and predicted to grow to 2.7% in 2019-20 (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Middlebrook

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $99k305k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Middlebrook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9692063

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Armand Bayou Elementary School Primary Regular 499 29 6
Space Center Intermediate School Middle Regular 1,052 67 5
Clear Lake High School High Regular 2,437 143 8

Armand Bayou Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 29
6
GreatSchools Rating

Space Center Intermediate School

  • Education Level: Middle
  • # of students: 1,052
  • # of teachers: 67
5
GreatSchools Rating

Clear Lake High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 143
8
GreatSchools Rating
 

$251,550$307,450$279,500

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,031
Property Tax -$589
Property Insurance -$188
HOA -$38
Property Management Fees -$99
CASH FLOW
$25

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$279,500

PROJECTED PRICE

$1,970

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,818

INVESTMENT

$79,818

Down Payment
$69,875
Rehab Estimate
$5,750
Closing Costs
$4,193

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,031

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,875
Loan Amount $209,625
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$6,634

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,970

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,042

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9003$1,9504$1,9705$1,974
$1,974
RENT COMPS ANALYSIS
  • 15911 Spring Forest Drive Houston, TX 4
    • 3 beds 3 baths ∙ 2,374 Sqft ∙ Built 1983 3 beds 3 baths ∙ 2,374 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.83
    •  
  • 15902 Havenhurst Drive Houston, TX 1
    • 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1976 4 beds 2 baths ∙ 2,150 Sqft ∙ Built 1976
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
  • 16422 Longvale Drive Houston, TX 2
    • 4 beds 3 baths ∙ 2,222 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,222 Sqft ∙ Built 1974
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.86
    •  
  • 15903 Brookvilla Drive Houston, TX 3
    • 3 beds 3 baths ∙ 2,233 Sqft ∙ Built 1978 3 beds 3 baths ∙ 2,233 Sqft ∙ Built 1978
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.87
    •  
  • 16447 Brookvilla Drive Houston, TX 5
    • 3 beds 2 baths ∙ 2,267 Sqft ∙ Built 1976 3 beds 2 baths ∙ 2,267 Sqft ∙ Built 1976
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,974
    • $0.87
    •  
PROPERTY LISTING DETAILS
Priscilla Ennis
1.281.204.1001
Re/max Space Center-clear Lake
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 94771396
Last Updated: 11/07/2020
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